Odaily News The U.S. Securities and Exchange Commission (SEC) may have set up obstacles to the confirmation of FTX's bankruptcy plan, according to a court filing on Friday. The SEC said it may challenge any distribution to creditors involving crypto assets. Earlier this year, the FTX bankruptcy court proposed a plan under which 98% of creditors would recover 118% of their claims in cash within 60 days of court approval. The SEC said that "cash" was defined in previous filings by FTX's bankruptcy agency to include stablecoins pegged to the U.S. dollar. FTX did define cash as "U.S. legal tender or its equivalent, including stablecoins pegged to the U.S. dollar, bank deposits, checks, and other similar items" in an earlier filing on August 2. "The FTX debtors are exploring different distribution options, including the possible distribution of stablecoins to certain creditors," the SEC said in Friday's filing. "Under federal securities laws, the SEC will not express an opinion on the legality of the transactions outlined in the plan and reserves the right to question transactions involving crypto assets." (Coindesk)